Project Location : Offshore Northwest Palawan
Nature of Project : Petroleum Exploration
JV Partners and Percent Equity : China National Offshore Oil Company International Limited (CNOOC) – Operator 51%, PNOC EC 28%, Mitra Energy Limited (MITRA) 21%.
Project Description: SC 57 was awarded to PNOC EC on 15 September 2005. It covers a total area of 7,120 sq. km. in offshore Northwest Palawan and is situated around fifty (50) kms. northwest (NW) from the north-westernmost tip of Busuanga Island.
CNOOC farmed-in into SC 57 on 3 April 2006 acquiring 51% participating interest and operatorship while Mitra Energy farmed-in on 3 March 2006 getting 21%. The Deed of Assignment to formalize their entry has yet to be signed by the President of the Philippines.
Brief Background : SC 57 is within the prolific NW Palawan block and is host to the Bantac I well, a non-commercial oil discovery by Occidental Petroleum. With the farm-in of CNOOC and Mitra, additional 2,200 km. of 2D seismic data was acquired on top of the 3,300+ km. acquired by the previous contractors.
However, the request for approval of the Deed of Assignment to CNOOC and Mitra Energy has been pending since 2006 with the Office of the President (OP). SC 57 is currently under force majeure but exploration activities will resume once approval is granted.
As of end Dec 2016